As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record of empowering people to employ their skills and improve their quality of life. Each month, we give an overview of the transactions we have signed.
ATOME Paraguay S.A.E. is developing the Villeta Green Fertilizer Project, a facility producing green nitrogen fertilizers using green hydrogen from renewable electricity. FMO committed a senior secured loan of USD 94.8 mln as part of a broader financing package with IDB Invest, the European Investment Bank, IFC, and the Green Climate Fund, enabling a globally significant green hydrogen-to-fertilizer project advance to financing and construction in an emerging market. With a total project cost of USD 664.4 mln, the Villeta facility is expected to produce 260,000 tons of green fertilizer annually, powered by Paraguay’s hydropower grid under a long-term power purchase agreement. The project integrates hydrogen production, ammonia synthesis and fertilizer manufacturing on a single site, with output supported by a long-term offtake agreement. Located in Paraguay, it targets Mercosur agricultural markets and supports decarbonisation of fertilizer supply chains, carrying a 100% Green label.
More information on this transaction: news - FMO accelerates green hydrogen deployment and sustainable agriculture in Paraguay through USD 94.8 million investment in ATOME’s Villeta Green Fertilizer Project - FMO
The Global Green Bond Fund Feeder Fund is part of the EU‑led Global Green Bond Initiative, established to mobilise private capital for sustainable infrastructure through green bond investments. FMO committed up to EUR 150 mln to the fund alongside other European development finance institutions. The fund is designed to mobilize up to EUR 20 bln in investments, with approximately EUR 1 bln in public equity expected to crowd in up to EUR 2 bln from private investors. It will mainly invest in primary‑market green bonds issued by governments, local authorities and corporates, with a focus on first‑time issuers. At least 20% of investments are expected to be directed to least developed countries, and bonds may be issued in both local currency and euro. The transaction qualifies for a 100% Green label and a 50% Reducing Inequalities label, reflecting its focus on strengthening local capital markets and financing climate aligned infrastructure in emerging economies. |
More information on this transaction: news - EU and partners sign the Global Green Bond Initiative Fund to mobilise up to €20 billion in investments for sustainable infrastructure - FMO
The Mauritius Commercial Bank Limited (MCB) is the main operating entity of MCB Group, with a growing regional footprint and a focus on sustainable finance. FMO participated as an anchor investor with USD 45 mln in MCB’s USD 400 mln bond issuance, alongside Proparco and DEG. The bond was issued under MCB’s USD 3 bln Global Medium Term Note Programme and is listed on the London Stock Exchange. The proceeds of FMO’s participation are fully allocated to activities aligned with MCB’s Sustainable Finance Framework and FMO’s Green Label Guidance. The issuance supports MCB’s efforts to diversify its funding base and secure longer‑tenor financing. The transaction enables the scaling of renewable energy and climate‑resilient investments across Sub‑Saharan Africa.
Banco Industrial S.A. is the largest bank in Guatemala, with a diversified portfolio serving corporates, SMEs and retail clients across key sectors including manufacturing, construction, energy and agriculture. FMO committed up to USD 100 mln as lead A-lender in a syndicated senior unsecured loan facility of up to USD 300 mln. The facility is fully earmarked for green lending, targeting SMEs and corporates engaged in renewable energy, sustainable construction, electric mobility, and clean transportation projects, among others. The proceeds will support the expansion of Banco Industrial’s green lending portfolio in Guatemala, strengthening the bank’s ability to provide longer‑tenor sustainable finance in a market where such funding remains limited. The investment carries 100% Green label, reflecting the exclusive use of proceeds for eligible green lending activities.
Banco Bolivariano C.A., a long-standing FMO client, is a locally owned Universal Bank with a 45-year track record and a strong regional presence in the coastal region of Ecuador. The bank ranks fifth in the sector with a stable market share of 8% and total assets of USD 6.2 billion as of December 2025. The bank has positioned itself as a leading financier in the shrimp sector, one of the country’s growing and most strategic industries. FMO provided a USD 20 million subordinated facility to strengthen the Tier II Capital of Banco Bolivariano and to fund organic growth. The proceeds will be used to further develop green lending opportunities in Ecuador and carry a 100% Green label.
JSC Terabank is a universal commercial bank in Georgia focusing on micro-, small- and medium-sized enterprises (MSMEs), retail banking, and digital channels. FMO provided a USD 30 mln long-term loan in local currency, Georgian Lari (GEL), to support the bank’s growth and compliance with the National Bank of Georgia’s de‑dollarisation requirements. The financing supports the expansion of Terabank’s MSME lending portfolio earmarked for underserved segments, including women‑ and youth‑led enterprises, agricultural businesses, and green loans. The transaction aligns with FMO’s country‑specific strategy of increasing its impact in Georgia by reducing currency risk for end clients and supporting the de‑dollarisation of the Georgian economy.
Kiva Refugee Investment Fund II is a global debt fund managed by Kiva Capital Management, focused on expanding access to finance for refugees, internally displaced persons and host communities. FMO provided a USD 5 mln loan from the MASSIF fund to the vehicle. The investment supports on‑lending to tier II and III microfinance institutions serving forcibly displaced populations. The fund targets regions affected by displacement driven by conflict, instability and climate impacts. FMO’s participation supports the development of sustainable refugee finance models and mobilizes capital into an underserved segment. The transaction contributes 100% to SDG 10 Reducing Inequalities through financial inclusion for vulnerable groups lacking access to formal financial services.
